S.P. Apparels Ltd Company Details :
In 1989, a visionary, Mr. P. Sundararajan entered into the garment export industry through his venture “S.P. Apparels. The company is one of the leading manufacturers and exporters of knitted garments for infants and children in India. The products are manufactured at highly sophisticated and integrated facilities that enable the company to deliver end-to-end garment manufacturing services from greige fabric to finished products. S.P. Apparels’ core competency is its clear understanding of the specifications of knitted garments. The company has continually delivered high-quality products consistently that meet its international customers’ specifications and stringent compliance requirements. The immense growth is a result of the company’s long-standing relationship with its significant customers.
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SP Apparels Buyback Detail:
| Issue open | 3rd November 2022 |
| Issue close | 17th November 2022 |
| Ex-Date | 6th October 2022 |
| Record Date | 7th October 2022 |
| Security Name | S.P. Apparels Ltd |
| Issue Type | Tender Offer |
| Issue Size (Shares) | 0.06 Crores |
| Issue Size (Amount) | ₹35.10 Crores |
| Buyback Price | ₹585 per share |
| Face Value | ₹10 per share |
| Listing At | BSE, NSE |
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Buyback Ratio:
| Category | Entitlement Ratio of Buyback |
| Reserved Category for Small Shareholders | 2 Equity Shares out of every 27 Fully paid-up Equity Shares held on the Record Date. |
| General Category for all other Eligible Shareholders | 1 Equity Share out of every 48 Fully paid-up Equity Shares held on the Record Date. |
S.P. Apparels Ltd Financial Information:
| Particulars | Q2 FY-23(in cr.) | Q1 FY-23(in cr.) | Q2 FY-22(in cr.) | YoY | QoQ |
| Revenue from operations | 305.80 | 245.78 | 222.14 | 37.7% | 24.4% |
| Other Income | 9.11 | 7.16 | 0.69 | 99+% | 27.1% |
| Cost of Goods Sold | 159.34 | 93.77 | 84.71 | 88.1% | 69.9% |
| Employee Cost | 57.81 | 57.77 | 52.04 | 11.1% | 0.1% |
| Other expenses | 51.12 | 51.26 | 44.93 | 13.8% | -0.3% |
| EBITDA | 46.64 | 50.14 | 41.15 | 13.3% | -7.0% |
| EBITDA margin% | 15.25 | 20.40 | 18.52 | -17.7% | -25.3% |
| Depreciation | 8.44 | 9.53 | 8.62 | -2.1% | -11.4% |
| Interest | 7.83 | 5.06 | 1.37 | 99+% | 54.9% |
| PBT | 30.36 | 35.56 | 31.16 | -2.6% | -14.6% |
| Total tax | 7.55 | 9.66 | 7.92 | -4.7% | -21.8% |
| PAT | 22.82 | 25.90 | 23.25 | -1.8% | -11.9% |
| PAT margin% | 7.46 | 10.54 | 10.46 | -28.7% | -29.2% |
| Dep./revenue% | 2.76 | 3.88 | 3.88 | -28.9% | -28.8% |
| Int./revenue% | 2.56 | 2.06 | 0.61 | 99+% | 24.5% |
Necessity of the Issue:
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The Buyback will help the Company to distribute surplus cash to its equity shareholders thereby, enhancing the overall return to shareholders
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The Buyback is generally expected to improve return on equity through the distribution of cash and improve earnings per share by a reduction in the equity base of the Company, thereby leading to a long-term increase in shareholders’ value
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The Buyback gives an option to the Eligible Shareholders to either (A) participate in the Buyback and receive cash in lieu of their Equity Shares which are accepted under the Buyback, or (B) not to participate in the Buyback and get a resultant increase in their percentage shareholding in the Company post the Buyback, without additional investment
S.P. Apparels Ltd.’s shareholding pattern:
The shareholding pattern of the Company, as on the Record i.e. October 7, 2022 and Post Buyback is as follows:
| Category of shareholder | Pre Buyback | Post Buyback | ||
| Number of Shares | % to the existing Equity Share Capita | Number of Shares | % to the existing Equity Share Capital | |
| Promoter and Promoter Group | 1,58,48,634 | 61.69% | 1,55,18,486 | 61.84% |
| Institutions (Mutual Funds, Foreign Portfolio Investors, Financial Institutions/Banks) | 8,78,308 | 3.42% | 95,74,114 | 38.16% |
| Non-Institutions and Others (Individuals, NRIs, Bodies Corporates, IEPF etc.) | 89,65,658 | 34.90% | ||
| Total | 2,56,92,600 | 100.00% | 2,50,92,600 | 100.00% |
Registrar to the buyback:
Link Intime India Private Limited
C-101, 1st Floor, 247 Park,
L.B.S. Marg, Vikhroli (West),
Mumbai 400 083, Maharashtra, India
Tel: +91 810 811 4949
Facsimile: +91 22 4918 6195
Email: spapparels.buyback@linkintime.co.in
Website: www.linkintime.co.in
Contact Person: Mr. Sumeet Deshpande
SEBI Registration No.: INR000004058
CIN: U67190MH1999PTC118368